Enron reaches settlement on Western energy mkts dispute

CarolynPritchard

SAN FRANCISCO (MarketWatch) -- Enron Corp. said Friday that it has agreed to settle civil claims related to natural gas and electricity transactions in the Western U.S. from 1997-2003, including those filed in proceedings with the Federal Energy Regulatory Commission. Under terms of the settlement, the parties involved will receive a shared allowed unsecured bankruptcy claim of $875 million against the firm's Enron Power Marketing Inc. unit, as well as distributions on such claim pursuant to the firm's Chapter 11 reorganization plan. They will also receive $47.3 million in receivables and cash collateral. Enron will also pay the government agencies involved in the settlement a $600 million civil penalty. The settlement includes Pacific Gas & Electric Co.
PCG, -0.18%
Southern California Edison Co., San Diego Gas & Electric Co., the state of California, the California Department of Water Resources, the California Electricity Oversight Board, and the Attorneys General of the states of Oregon and Washington. Enron has not admitted any wrongdoing.

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